A Third Party’s Perspective

Anyone who owns a business is going to “sing their own praises”. That’s why it is important to get a third party’s perspective on what makes a good financial advisor.

Dimensional Fund Advisors recently compiled a list of ten key attributes they see in great financial advisors.

Drum Roll Please

Without further ado, the ten attributes are:

1. Purposeful
2. Empathetic
3. Authentic
4. Intellectually Curious
5. Personally Inquisitive
6. Quiet
7. Passionate
8. Entrepreneurial
9. Honest
10. Disciplined

What Stands Out?

When I read the above list, what stands out to me is the ABSENCE of quantitative metrics. There's no mention of the best investment management, tax reduction techniques, or generating additional cash flow.

I could not agree more. And that’s reflected in our business’s Mission Statement:

• F5 Financial is a fee-only wealth management firm with a holistic approach to financial planning, personal goals, and behavioral change. Through our F5 Process, we provide insight and tailored strategies that inspire and equip our clients to enjoy a life of significance and financial freedom.

Goals and behavior change. Insight and strategies. Inspire and equip. Significance and freedom.

The numbers are ABSOLUTELY important, but it comes down to WHAT the numbers make possible.

How Do You Assess an Advisor?

While the above list is great, a lot of people are left confused as to how they should go about assessing an advisor.

I would offer two things:

First, there’s no substitute for having an in-depth conversation with a potential advisor. Ask them LOTS of questions. Challenge them. See how they align with what you find important. The best advisors focus extensively on identifying what is important to the families they serve. You should be comfortable speaking with them, as they are going to be your guide for decades of financial decisions if things go as they should.

Second, do the research on them—Google is your friend! In today’s economy, your website IS your “property” or “storefront” as a business. While some may disagree, I feel that you should be able to “see” what an advisor believes in through the content that they share. In addition, check out their social media accounts. LinkedIn and Facebook are great places to start. We all have a “digital footprint”. Make the time to review the signature of any potential advisor.

 

DOWNLOAD "10 ATTRIBUTES OF GREAT FINANCIAL ADVISORS"

 

Would You Like More Support?

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• Do you have a well-defined Investment Policy Strategy that is used to drive your investments in support of a comprehensive financial plan?

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• If not, would you like to partner with someone who is used to helping people get through these struggles and (then, with confidence) implement portfolio strategies in a systematic manner while focusing on your desired outcomes?

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If so, feel free to send us an email or give us a call. We’d love to have the opportunity to help you find a bit more peace of mind when it comes to investing.